take 3
Dan Smith, of M4 Property Consultants
Name of business: M4 Property Consultants
Sector: Commercial Property When did it start? Sept 2009 How many employees? 3
Why did you decide to take the plunge during the economic downturn? I’ve always wanted to run my own business and despite the much tougher market conditions, I knew there was still a demand and requirement for a proactive commercial property agency focussing on building strong contacts in the local business community.
Why did you choose this particular sector? I had worked in the commercial property sector for eight years, I was confident of my abilities to provide a high quality service for tenants and landlords alike and I have a passion for negotiating deals.
How has it gone? I’ve been very pleased with the progress the company has made. The company’s turnover has doubled each year, we now employ three members of staff and have recently launched a new commercial property management division.
What’s been the biggest challenge? I didn’t originally intend to employ anyone. I intended working on my own and concentrating on working with a small client portfolio and provide a high quality personal service for them. After 12 months it became apparent that the demand for M4’s services required me to recruit additional staff to maintain the standards and level of customer service we had set. Employing the right calibre of staff has most certainly been the biggest challenge and I’m very pleased with team I’ve developed.
And your biggest success? We achieved our biggest success earlier this year. We won a contract with a national property company to manage five of their industrial estates in South Wales. The contract involves the day to day management of the industrial estates that collectively provide 120 units.
Have you had any help from business support providers? The Centre for Business in Newport were very helpful when I started the business. I was assigned a business advisor who provided sound advice and support and
I continue to use their services now. I also benefitted from and ICT grant provided by The Business Services Team at Newport City Council.
What do you know now that you wish you’d known before you set up the business? I now realise the importance of delegation and focussing on only providing services that we can deliver effectively. I delegate or outsource the business functions that we are not experts in. I originally tried to do everything myself but quickly realised that the time spent on bookkeeping, accounts, marketing and pr would be better spent on undertaking viewings, negotiating deals, maintaining and developing relationships with clients including proactively seeking tenants and meeting local businesses.
If you had a magic wand, what would you wish for to improve the economic conditions? I think the national media are in part responsible for the perceived lack of business confidence. The constant stream of negative stories are going to impact on the economic conditions. Locally, I am of the opinion that business leaders share a positive attitude and belief that market conditions aren’t as bad as suggested in the media and perhaps if these were to be reported others would take confidence from that. The Welsh Assembly could consider reducing business rates and provide more support for SMEs in Wales. The business communities of Newport, Monmouthshire and Torfaen have been let down by the Assembly regarding the allocation of the Enterprise Zones. I’d use my magic wand to encourage Edwina Hart and her department/advisors to reconsider the locations of these Enterprise Zones. I genuinely believe that both Newport and
Torfaen/Monmouthshire have strong business cases to be included.
How confident are you about the future? I’m confident about the future for M4 Property Consultants. Our client base now ranges from private individuals to institutional investors. We have also increased the range of industry sectors we operate in to include offices, industrial and retail. In addition, we have also added property management services ensuring we have a good mix of clients thereby spreading the risk to M4. We’ve got a good team, good clients and are building a good reputation. Externally, I think the local economy is performing reasonably well with more recent signs of increased confidence in the local market, and with a bit more help, support and understanding from key influencers such as the Welsh Assembly, hopefully in 2013/14 these factors will provide a healthy local economy and encourage more inward investment to the area.
What are your plans for the business over the next couple of years? I want M4 Property Consultants to be the commercial property market leaders in Newport, Monmouthshire and Torfaen and continue to build on the strong reputation we have gained.
What advice would you give anyone wanting to take the plunge at the moment? Always aim to exceed client expectations. Build long term relationships. Listen and learn from trusted sources and most importantly believe in yourself and go for it!
THEbusiness QUARTER 47
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